According to the 8th Annual Demos study just released in 2011, the average American spends up to $29k per year on premiums, co-pays and deductibles with an average net loss of $1k per family. On the other hand, Health Care Reform requires that all Americans obtain health insurance by 2014 or face fines of up to $20,000 (for individuals and $100,000 for employers) per person. In addition, insurance companies can no longer deny coverage based on a pre-existing condition beginning in 2014. The current model for healthcare insurance simply doesn’t work for most businesses and their employees. What is a comfortable salary for a family of 5?
To answer this question, we need to understand what can be considered “comfortable” to each individual family. A comfortable salary for a family of five could be different than a comfortable salary for another family of five.
The best way to determine what is comfortable for your family is to determine your current monthly expenses, then compare those expenses with what you’d consider “comfortable.” You might find that you’re already living in a comfortable manner, or you might find that there’s room for improvement.
If you want to calculate your current monthly expenses, use this formula:
[(Total income per month) – (Total taxes)]/12 = Monthly disposable income (MDI)
Then subtract from that number any recurring monthly debt payments or fixed expenses like rent/mortgage or car payment. This will give you an idea of how much money is left over after bills have been paid and other fixed costs are deducted from total income per month. The remaining amount is called “disposable income.”
If MDI is more than 30% less than the amount needed to live comfortably (you can use this formula: [(Monthly expenses) / 12] – MDI), then it may be time for some lifestyle changes!
What is a comfortable salary for a family of 5
Families need to budget carefully. Making sure that you have enough income to pay for a comfortable lifestyle can be challenging. In this article, we’ll look at what kind of salary goes into making sure that
It is important to know that the range of salaries for a family of 5 is wide.
It is important to know that the range of salaries for a family of 5 is wide. The average salary for a family of 5 is about $63,000 and the median salary is around $58,000. However, you will find plenty of families earning less than $30,000 and also some making over $150,000 per year.
The average salary for a household of 5 people in the US is about $63,000.
According to the US Census Bureau, the average salary for a household of five people in the US is about $63,000. With this number in mind, it’s easy to see how someone might think that their salary was comfortable. But when you look at it more closely, you’ll see that this figure doesn’t actually make sense.
Why? Because it’s not actually very much money! The median household income in America today is $59,000 (which means half of all households make less than $59k). So while our fictional family may technically have an above-average salary at $63k per year (if they had no dependents), they’d still be below average if they had dependents like children or elderly parents who need caretaking—and as we’ve discussed before on [this site](https://www.moneycrashers.com/best-and-worst-jobs/), many American families do have dependents and are therefore likely earning well below what would be considered “comfortable.”
In addition to this lack of financial security from having too little money coming in each month compared with what one needs going out each month (i.e., expenses), there are also issues of having too much debt relative to one’s income level: The average consumer carries over $18K worth of debt–and getting rid of all that debt would take more than two years for most Americans at current job growth rates!
It’s possible to have a comfortable lifestyle on less than the average salary.
What does a comfortable lifestyle mean?
In this context, it means living comfortably in your own home. You can have a comfortable lifestyle on less than the average salary. The key is to be frugal and make smart decisions about your spending.
You might be able to live in a smaller house or an area with lower property values—or no house at all! You might buy cheaper cars, drive fewer miles each year, or even share one car between two people. When you shop for groceries, try to save money by purchasing generic brands and store brands when possible; also, don’t forget that fruits and veggies are cheaper if they’re in season! Finally, if you’re interested in having children but don’t want more than one right now (or ever), consider living on less income than what the average person would need for their family size so that you can put off having kids until later on in life—or even not at all!
As a general rule of thumb, the average family of four needs an annual income between $50k and $80k to live comfortably. If you want to work out how much your family would need, check out this calculator.